Title
XAUUSD H4 | Continue to 1st support

Type
Bearish Reversal

Preference:
Update on Gold: XAUUSD is still in our pivot zone. Additionally, we are seeing that the price may be forming a double top pattern and there is a doji candlestick. We expect that the price could drop to our first support level, which is an overlap support along with a 38.2% Fibonacci retracement.

Alternative scenario:
However, 1st resistance we just place slightly above the previous wick

To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.